Enter Search TextSubmitSearch Advanced Search     Home     Deposit Insurance     Consumer Protection     Industry Analysis     Regulations & Examinations     Asset Sales     News & Events     About FDIC

		Home > Regulation & Examinations > Laws & Regulations > FDIC Law, Regulations, Related Acts

FDIC Law, Regulations, Related Acts

[Main Tabs]     [Table of Contents - 8000]     [Index]     [Previous Page]     [Next Page]     [Search] 8000 - Miscellaneous Statutes and Regulations {{6-29-01 p.8977}} SECURITIES ACT OF 1933 AN ACT To provide full and fair disclosure of the character of securities sold in interstate and foreign commerce and through the mails, and to prevent frauds in the sale thereof, and for other purposes.   Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. TITLE I SHORT TITLE   SECTION 1.  This title may be cited as the "Securities Act of 1933". [Codified to 15 U.S.C. 77a] [Source:  Section 1 of title I of the Act of May 27, 1933 (Pub. L. No. 22; 48 Stat. 74), effective May 27, 1933] DEFINITIONS   SEC. 2.  (a)  DEFINITIONS.--When used in this title, unless the context otherwise requires--     (1)  The term "security" means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.     (2)  The term "person" means an individual, a corporation, a partnership, an association, a joint-stock company, a trust, any unincorporated organization, or a government or political subdivision thereof. As used in this paragraph the term "trust" shall include only a trust where the interest or interests of the beneficiary or beneficiaries are evidenced by a security.     (3)  The term "sale" or "sell" shall include every contract of sale or disposition of a security or interest in a security, for value. The term "offer to sell", "offer for sale", or "offer" shall include every attempt or offer to dispose of, or solicitation of an offer to buy, a security or interest in a security, for value. The terms defined in this paragraph and the term "offer to buy" as used in subsection (c) of section 5 shall not include preliminary negotiations or agreements between an issuer (or any person directly or indirectly controlling or controlled by an issuer, or under direct or indirect common control with an issuer) and any underwriter or among underwriters who are or are to be in privity of contract with an issuer (or any person directly or indirectly controlling or controlled by an issuer, or under direct or indirect common control with an issuer). Any security given or delivered with, or as a bonus on account of, any purchase of securities or any other thing, shall be conclusively presumed to constitute a part of the subject of such purchase and to have been offered and sold for value. The issue or transfer of a right or privilege, when originally issued or transferred with a security, giving the holder of such security the right to convert such security into another security of the same issuer or of another person, or giving a right to subscribe to another security of the same issuer or of another person, which right cannot be exercised until some future date, shall not be deemed to be an offer or sale {{6-29-01 p.8978}}of such other security; but the issue or transfer of such other security upon the exercise of such right of conversion or subscription shall be deemed a sale of such other security. Any offer or sale of a security futures product by or on behalf of the issuer of the securities underlying the security futures product, an affiliate of the issuer, or an underwriter, shall constitute a contract for sale of, sale of, offer for sale, or offer to sell the underlying securities.     (4)  The term "issuer" means every person who issues or proposes to issue any security; except that with respect to certificates of deposit, voting-trust certificates, or collateral-trust certificates, or with respect to certificates of interest or shares in an unincorporated investment trust not having a board of directors (or persons performing similar functions) or of the fixed, restricted management, or unit type, the term "issuer" means the person or persons performing the acts and assuming the duties of depositor or manager pursuant to the provisions of the trust or other agreement or instrument under which such securities are issued; except that in the case of an unincorporated association which provides by its articles for limited liability of any or all of its members, or in the case of a trust, committee, or other legal entity, the trustees or members thereof shall not be individually liable as issuers of any security issued by the association, trust, committee, or other legal entity; except that with respect to equipment-trust certificates or like securities, the term "issuer" means the person by whom the equipment or property is or is to be used; and except that with respect to fractional undivided interests in oil, gas, or other mineral rights, the term "issuer" means the owner of any such right or of any interest in such right (whether whole or fractional) who creates fractional interests therein for the purpose of public offering.     (5)  The term "Commission" means the Securities and Exchange Commission.     (6)  The term "Territory" means Puerto Rico, the Philippine Islands, 1 the Virgin Islands, and the insular possessions of the United States.     (7)  The term "interstate commerce" means trade or commerce in securities or any transportation or communication relating thereto among the several States or between the District of Columbia or any Territory of the United States and any State or other Territory, or between any foreign country and any State, Territory, or the District of Columbia, or within the District of Columbia.     (8)  The term "registration statement" means the statement provided for in section 6, and includes any amendment thereto and any report, document, or memorandum filed as part of such statement or incorporated therein by reference.     (9)  The term "write" or "written" shall include printed, lithographed, or any means of graphic communication.     (10)  The term "prospectus" means any prospectus, notice, circular, advertisement, letter, or communication, written or by radio or television, which offers any security for sale or confirms the sale of any security; except that (a) a communication sent or given after the effective date of the registration statement (other than a prospectus permitted under subsection (b) of section 10) shall not be deemed a prospectus if it is proved that prior to or at the same time with such communication a written prospectus meeting the requirements of subsection (a) of section 10 at the time of 2 such communication was sent or given to the person to whom the communication was made, and (b) a notice, circular, advertisement, letter, or communication in respect of a security shall not be deemed to be a prospectus if it states from whom a written prospectus meeting the requirements of section 10 may be obtained and, in addition, does no more than identify the security, state the price thereof, state by whom orders will be executed, and contain such other information as the Commission, by rules or regulations deemed necessary or appropriate in the public interest and for the protection of investors, and subject to such terms and conditions as may be prescribed therein, may permit. {{6-29-01 p.8979}}     (11)  The term "underwriter" means any person who has purchased from an issuer with a view to, or offers or sells for an issuer in connection with, the distribution of any security, or participates or has a direct or indirect participation in any such undertaking, or participates or has a participation in the direct or indirect underwriting of any such undertaking; but such term shall not include a person whose interest is limited to a commission from an underwriter or dealer not in excess of the usual and customary distributors' or sellers' commission. As used in this paragraph the term "issuer" shall include, in addition to an issuer, any person directly or indirectly controlling or controlled by the issuer, or any person under direct or indirect common control with the issuer.     (12)  The term "dealer" means any person who engages either for all or part of his time, directly or indirectly, as agent, broker, or principal, in the business of offering, buying, selling, or otherwise dealing or trading in securities issued by another person.     (13)  The term "insurance company" means a company which is organized as an insurance company, whose primary and predominant business activity is the writing of insurance or the reinsuring of risks underwritten by insurance companies, and which is subject to supervision by the insurance commissioner, or a similar official or agency, of a State or territory or the District of Columbia; or any receiver or similar official or any liquidating agent for such company, in his capacity as such.     (14)  The term "separate account" means an account established and maintained by an insurance company pursuant to the laws of any State or territory of the United States, the District of Columbia, or of Canada or any province thereof, under which income, gains and losses, whether or not realized, from assets allocated to such account, are, in accordance with the applicable contract, credited to or charged against such account without regard to other income, gains, or losses of the insurance company.     (15)  The term "accredited investor" shall mean--       (i)  a bank as defined in section 3(a)(2) whether acting in its individual or fiduciary capacity; an insurance company as defined in paragraph 13 of this subsection; an investment company registered under the Investment Company Act of 1940 or a business development company as defined in section 2(a)(48) of that Act; a Small Business Investment Company licensed by the Small Business Administration; or an employee benefit plan, including an individual retirement account, which is subject to the provisions of the Employee Retirement Income Security Act of 1974, if the investment decision is made by a plan fiduciary, as defined in section 3(21) of such Act, which is either a bank, insurance company, or registered investment adviser; or       (ii)  any person who, on the basis of such factors as financial sophistication, net worth, knowledge, and experience in financial matters, or amount of assets under management qualifies as an accredited investor under rules and regulations which the Commission shall prescribe.     (16)  The terms "security future", "narrow-based security index", and "security futures product" have the same meanings as provided in section 3(a)(55) of the Securities Exchange Act of 1934.   (b)  Consideration of Promotion of Efficiency, Competition, and Capital Formation.--Whenever pursuant to this title the Commission is engaged in rulemaking and is required to consider or determine whether an action is necessary or appropriate in the public interest, the Commission shall also consider, in addition to the protection of investors, whether the action will promote efficiency, competition, and capital formation. [Codified to 15 U.S.C. 77b] [Source:  Section 2 of title I of the Act of May 27, 1933 (Pub. L. No. 22; 48 Stat. 74), effective May 27, 1933, as amended by sections 201 and 210 of the Act of June 6, 1934 (Pub. L. No. 291; 48 Stat. 905, 908), effective June 6, 1934; sections 1--4 of title I of the Act of August 10, 1954 (Pub. L. No. 577; 68 Stat. 683), effective October 8, 1954; section 12(a) of the Act of June 25, 1959 (Pub. L. No. 86--70; 73 Stat. 143), effective June 25, 1959; section 7(a) of the Act of July 12, 1960 (Pub. L. No. 86--624; 74 Stat. 412), effective July 12, 1960; section 27(a) of the Act of December 14, 1970 (Pub. L. No. 91--547; 84 {{6-29-01 p.8980}}Stat. 1433), effective December 14, 1970; section 603 of title VI of the Act of October 21, 1980 (Pub. L. No. 96--477; 94 Stat. 2294), effective October 21, 1980; section 1 of the Act of October 13, 1982 (Pub. L. No. 97--303; 96 Stat. 1409), effective October 13, 1982; and sections 201 and 202 of title II of the Act of December 4, 1987 (Pub. L. No. 100--181; 101 Stat. 1252), effective December 4, 1987; section 106(a) of title I of the Act of October 11, 1996 (Pub. L. No. 104--260; 110 Stat. 3424) effective October 11, 1996; section 301(a)(1) of title III of the Act of November 3, 1998 (Pub. L. No. 105--353; 112 Stat. 3235), effective November 3, 1998; section 208(a)(1) of title II of the Act of December 21, 2000 (Pub. L. No. 106--554; 114 Stat. 2763A--434) effective December 21, 2000] SEC. 2A.  SWAP AGREEMENTS   (a)  NON-SECURITY-BASED SWAP AGREEMENTS.--The definition of security' in section 2(a)(1) of this title does not include any non-security-based swap agreement (as defined in section 206C of the Gramm-Leach-Bliley Act).   (b)  SECURITY-BASED SWAP AGREEMENTS.--     (1)  The definition of security' in section 2(a)(1) of this title does not include any security-based swap agreement (as defined in section 206B of the Gramm-Leach-Bliley Act).     (2)  The Commission is prohibited from registering, or requiring, recommending, or suggesting, the registration under this title of any security-based swap agreement (as defined in section 206B of the Gramm-Leach-Bliley Act). If the Commission becomes aware that a registrant has filed a registration statement with respect to such a swap agreement, the Commission shall promptly so notify the registrant. Any such registration statement with respect to such a swap agreement shall be void and of no force or effect.     (3)  The Commission is prohibited from--       (A)  promulgating, interpreting, or enforcing rules; or       (B)  issuing orders of general applicability; under this title in a manner that imposes or specifies reporting or recordkeeping requirements, procedures, or standards as prophylactic measures against fraud, manipulation, or insider trading with respect to any security-based swap agreement (as defined in section 206B of the Gramm-Leach-Bliley Act).     (4)  References in this title to the purchase' or sale' of a security-based swap agreement shall be deemed to mean the execution, termination (prior to its scheduled maturity date), assignment, exchange, or similar transfer or conveyance of, or extinguishing of rights or obligations under, a security-based swap agreement (as defined in section 206B of the Gramm-Leach-Bliley Act), as the context may require. [Codified to 15 U.S.C. 77b--1] Source: Section 302(a) of title II of the Act of December 21, 2000 (Pub. L. No. 106--554; 114 Stat. 2763A--451), effective December 21, 2000] EXEMPTED SECURITIES   SEC. 3.  (a)  Except as hereinafter expressly provided, the provisions of this title shall not apply to any of the following classes of securities:     (1)  Reserved.     (2)  Any security issued or guaranteed by the United States or any territory thereof, or by the District of Columbia, or by any State of the United States, or by any political subdivision of a State or territory, or by any public instrumentality of one or more States or territories, or by any person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing; or any security issued or guaranteed by any bank; or any security issued by or representing an interest in or a direct obligation of a Federal Reserve bank; or any interest or participation in any common trust fund or similar fund that is excluded from the definition of the term "investment company" under section 3(c)(3) of the Investment Company Act of 1940; or any security {{4-29-05 p.8981}}which is an industrial development bond (as defined in section 103(c)(2) of the Internal Revenue Code of 1954) the interest on which is excludable from gross income under section 103(a)(1) of such Code if, by reason of the application of paragraph (4) or (6) of section 103(c) of such Code (determined as if paragraphs (4)(A), (5), and (7) were not included in such section 103(c)), paragraph (1) of such section 103(c) does not apply to such security; or any interest or participation in a single trust fund, or in a collective trust fund maintained by a bank, or any security arising out of a contract issued by an insurance company, which interest, participation, or security is issued in connection with (A) a stock bonus, pension, or profit-sharing plan which meets the requirements for qualification under section 401 of the Internal Revenue Code of 1954, (B) an annuity plan which meets the requirements for the deduction of the employer's contributions under section 404(a)(2) of such Code, (C) a governmental plan as defined in section 414(d) of such Code which has been established by an employer for the exclusive benefit of its employees or their beneficiaries for the purpose of distributing to such employees or their beneficiaries the corpus and income of the funds accumulated under such plan, if under such plan it is impossible, prior to the satisfaction of all liabilities with respect to such employees and their beneficiaries, for any part of the corpus or income to be used for, or diverted to, purposes other than the exclusive benefit of such employees or their beneficiaries, or (D) a church plan, company, or account that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940, other than any plan described in subparagraph (A), (B), (C), or (D) of this paragraph (i) the contributions under which are held in a single trust fund or in a separate account maintained by an insurance company for a single employer and under which an amount in excess of the employer's contribution is allocated to the purchase of securities (other than interests or participations in the trust or separate account itself) issued by the employer or any company directly or indirectly controlling, controlled by, or under common control with the employer, (ii) which covers employees some or all of whom are employees within the meaning of section 401(c)(1) of such Code, or (iii) which is a plan funded by an annuity contract described in section 403(b) of such Code. The Commission, by rules and regulations or order, shall exempt from the provisions of section 5 of this title any interest or participation issued in connection with a stock bonus, pension, profit-sharing, or annuity plan which covers employees some or all of whom are employees within the meaning of section 401(c)(1) of the Internal Revenue Code of 1954, if and to the extent that the Commission determines this to be necessary or appropriate in the public interest and consistent with the protection of investors and the purposes fairly intended by the policy and provisions of this title. For purposes of this paragraph, a security issued or guaranteed by a bank shall not include any interest or participation in any collective trust fund maintained by a bank; and the term "bank" means any national bank, or any banking institution organized under the laws of any State, territory, or the District of Columbia, the business of which is substantially confined to banking and is supervised by the State or territorial banking commission or similar official; except that in the case of a common trust fund or similar fund, or a collective trust fund, the term "bank" has the same meaning as in the Investment Company Act of 1940;     (3)  Any note, draft, bill of exchange, or banker's acceptance which arises out of a current transaction or the proceeds of which have been or are to be used for current transactions, and which has a maturity at the time of issuance of not exceeding nine months, exclusive of days of grace, or any renewal thereof the maturity of which is likewise limited;     (4)  Any security issued by a person organized and operated exclusively for religious, educational, benevolent, fraternal, charitable, or reformatory purposes and not for pecuniary profit, and no part of the net earnings of which inures to the benefit of any person, private stockholder, or individual; or any security of a fund that is excluded from the definition of an investment company under section 3(c)(10)(B) of the Investment Company Act of 1940;     (5)  Any security issued (A) by a savings and loan association, building and loan association, cooperative bank, homestead association, or similar institution, which is {{4-29-05 p.8982}}supervised and examined by State or Federal authority having supervision over any such institution; or (B) by (i) a farmer's cooperative organization exempt from tax under section 521 of the Internal Revenue Code of 1954, (ii) a corporation described in section 501(c)(16) of such Code and exempt from tax under section 501(a) of such Code, or (iii) a corporation described in section 501(c)(2) of such Code which is exempt from tax under section 501(a) of such Code and is organized for the exclusive purpose of holding title to property, collecting income therefrom, and turning over the entire amount thereof, less expenses, to an organization or corporation described in clause (i) or (ii);     (6)  Any security issued by a motor carrier the issuance of which is subject to the provisions of section 214 of the Interstate Commerce Act, or any interest in a railroad equipment trust. For purposes of this paragraph interest in a railroad equipment trust' means any interest in an equipment trust, lease, conditional sales contract, or other similar arrangement entered into, issued, assumed, guaranteed by, or for the benefit of, a common carrier to finance the acquisition of rolling stock, including motive power;     (7)  Certificates issued by a receiver or by a trustee or debtor in possession in a case under title 11 of the United States Code with the approval of the court;     (8)  Any insurance or endowment policy or annuity contract or optional annuity contract, issued by a corporation subject to the supervision of the insurance commissioner, bank commissioner, or agency or officer performing like functions, of any State or Territory of the United States or the District of Columbia;     (9)  Except with respect to a security exchanged in a case under title 11 of the United States Code, any security exchanged by the issuer with its existing security holders exclusively where no commission or other remuneration is paid or given directly or indirectly for soliciting such exchange;     (10)  Except with respect to a security exchanged in a case under title 11 of the United States Code, any security which is issued in exchange for one or more bona fide outstanding securities, claims or property interests, or partly in such exchange and partly for cash, where the terms and conditions of such issuance and exchange are approved, after a hearing upon the fairness of such terms and conditions at which all persons to whom it is proposed to issue securities in such exchange shall have the right to appear, by any court, or by any official or agency of the United States, or by any State or Territorial banking or insurance commission or other governmental authority expressly authorized by law to grant such approval;     (11)  Any security which is a part of an issue offered and sold only to persons resident within a single State or Territory, where the issuer of such security is a person resident and doing business within or, if a corporation, incorporated by and doing business within, such State or Territory.     (12)  Any equity security issued in connection with the acquisition by a holding company of a bank under section 3(a) of the Bank Holding Company Act of 1956 or a savings association under section 10(e) of the Home Owners' Loan Act, if--       (A)  the acquisition occurs solely as part of a reorganization in which security holders exchange their shares of a bank or savings association for shares of a newly formed holding company with no significant assets other than securities of the bank or savings association and the existing subsidiaries of the bank or savings association;       (B)  the security holders receive, after that reorganization, substantially the same proportional share interests in the holding company as they held in the bank or savings association, except for nominal changes in shareholders' interests resulting from lawful elimination of fractional interests and the exercise of dissenting shareholders' rights under State or Federal law;       (C)  the rights and interests of security holders in the holding company are substantially the same as those in the bank or savings association prior to the transaction, other than as may be required by law; and       (D)  the holding company has substantially the same assets and liabilities, on a consolidated basis, as the bank or savings association had prior to the transaction. For purposes of this paragraph, the term "savings association" means a savings association (as defined in section 3(b) of the Federal Deposit Insurance Act) the deposits of which are insured by the Federal Deposit Insurance Corporation. {{4-29-05 p.8983}}     (13)  Any security issued by or any interest or participation in any church plan, company or account that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940.     (14)  Any security futures product that is--       (A)  cleared by a clearing agency registered under section 17A of the Securities Exchange Act of 1934 or exempt from registration under subsection (b)(7) of such section 17A; and       (B)  traded on a national securities exchange or a national securities association registered pursuant to section 15A(a) of the Securities Exchange Act of 1934.   (b)  The Commission may from time to time by its rules and regulations, and subject to such terms and conditions as may be prescribed therein, add any class of securities to the securities exempted as provided in this section, if it finds that the enforcement of this title with respect to such securities is not necessary in the public interest and for the protection of investors by reason of the small amount involved or the limited character of the public offering; but no issue of securities shall be exempted under this subsection where the aggregate amount at which such issue is offered to the public exceeds $5,000,000.   (c)  The Commission may from time to time by its rules and regulations and subject to such terms and conditions as may be prescribed therein, add to the securities exempted as provided in this section any class of securities issued by a small business investment company under the Small Business Investment Act of 1958 if it finds, having regard to the purposes of that Act, that the enforcement of this Act with respect to such securities is not necessary in the public interest and for the protection of investors. [Codified to 15 U.S.C. 77c] [Source:  Section 3 of title I of the Act of May 27, 1933 (Pub. L. No. 22; 48 Stat. 75), effective May 27, 1933, as amended by section 202 of the Act of June 6, 1934 (Pub. L. No. 291; 48 Stat. 906), effective June 6, 1934; section 214 of title II of the Act of February 4, 1887, as added by the Act of August 9, 1935 (Pub. L. No. 255; 49 Stat. 557), and amended by section 15 of the Act of June 29, 1938 (Pub. L. No. 777; 52 Stat. 1240), effective June 29, 1938; the Act of May 15, 1945 (Pub. L. No. 55; 59 Stat. 167), effective May 15, 1945; section 5 of title I of the Act of August 10, 1954 (Pub. L. No. 577; 68 Stat. 684), effective October 8, 1954; section 307(a) of title III of the Act of August 21, 1958 (Pub. L. No. 85--699; 72 Stat. 694), effective August 21, 1958; section 401(a) of title IV of the Act of August 10, 1970 (Pub. L. No. 91--373; 84 Stat. 718), effective with respect to securities sold after January 1, 1970; section 27(b), (c) of the Act of December 14, 1970 (Pub. L. No. 91--547; 84 Stat. 1434), effective December 14, 1970; the Act of December 19, 1970 (Pub. L. No. 91--565; 84 Stat. 1480), effective December 19, 1970; section 6(a) of the Act of December 22, 1970 (Pub. L. No. 91--567; 84 Stat. 1498), effective with respect to securities sold after January 1, 1970; section 308(a)(1) of the Act of February 5, 1976 (Pub. L. No. 94--210; 90 Stat. 56, 57), effective April 5, 1976; section 18 of the Act of May 21, 1978 (Pub. L. No. 95--283; 92 Stat. 275), effective May 21, 1978; section 2 of the Act of October 6, 1978 (Pub. L. No. 95--425; 92 Stat. 962), effective October 6, 1978; section 306 of title III of the Act of November 6, 1978 (Pub. L. No. 95--598; 92 Stat. 2674), effective October 1, 1979; section 301 of title III of the Act of October 21, 1980 (Pub. L. No. 96--477; 94 Stat. 2291), effective October 21, 1980; section 701 of title VII of the Act of October 21, 1980 (Pub. L. No. 96--477; 94 Stat. 2294), effective October 21, 1980; sections 203 and 204 of title II of the Act of December 4, 1987 (Pub. L. No. 100--181; 101 Stat. 1252), effective December 4, 1987; section 320 of title III of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2225), effective September 23, 1994; section 3 of the Act of December 8, 1995 (Pub. L. No. 104--62; 109 Stat. 685), effective December 8, 1995; section 508(b) of title V of the Act of October 11, 1996 (Pub. L. No. 104--290; 110 Stat. 3447), effective October 11, 1996; section 221(a) of title II of the Act of November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1401), effective May 12, 2001; section 208(a)(2) of title II of the Act of December 21, 2000 (Pub. L. No. 106--554; 114 Stat. 2763A--435), effective December 21, 2000; section 1(b) of the Act of October 25, 2004 (Pub. L. No. 108--359; 118 Stat. 1666), effective October 25, 2004] {{4-29-05 p.8984}} EXEMPTED TRANSACTIONS   SEC. 4.  The provisions of section 5 shall not apply to--     (1)  transactions by any person other than an issuer, underwriter, or dealer.     (2)  transactions by an issuer not involving any public offering.     (3)  transactions by a dealer (including an underwriter no longer acting as an underwriter in respect of the security involved in such transaction), except--       (A)  transactions taking place prior to the expiration of forty days after the first date upon which the security was bona fide offered to the public by the issuer or by or through an underwriter,       (B)  transactions in a security as to which a registration statement has been filed taking place prior to the expiration of forty days after the effective date of such registration statement or prior to the expiration of forty days after the first date upon which the security was bona fide offered to the public by the issuer or by or through an underwriter after such effective date, whichever is later (excluding in the computation of such forty days any time during which a stop order issued under section 8 is in effect as to the security), or such shorter period as the Commission may specify by rules and regulations or order, and       (C)  transactions as to securities constituting the whole or a part of an unsold allotment to or subscription by such dealer as a participant in the distribution of such securities by the issuer or by or through an underwriter.   With respect to transactions referred to in clause (B), if securities of the issuer have not previously been sold pursuant to an earlier effective registration statement the applicable period, instead of forty days, shall be ninety days, or such shorter period as the Commission may specify by rules and regulations or order.     (4)  brokers' transactions executed upon customers' orders on any exchange or in the over-the-counter market but not the solicitation of such orders.     (5)(A)  Transactions involving offers or sales of one or more promissory notes directly secured by a first lien on a single parcel of real estate upon which is located a dwelling or other residential or commercial structure, and participation interests in such notes--         (i)  where such securities are originated by a savings and loan association, savings bank, commercial bank, or similar banking institution which is supervised and examined by a Federal or State authority, and are offered and sold subject to the following conditions:           (a)  the minimum aggregate sales price per purchaser shall not be less than $250,000;           (b)  the purchaser shall pay cash either at the time of the sale or within sixty days thereof; and           (c)  each purchaser shall buy for his own account only; or         (ii)  where such securities are originated by a mortgagee approved by the Secretary of Housing and Urban Development pursuant to sections 203 and 211 of the National Housing Act and are offered or sold subject to the three conditions specified in subparagraph (A)(i) to any institution described in such subparagraph or to any insurance company subject to the supervision of the insurance commissioner, or any agency or officer performing like function, of any State or territory of the United States or the District of Columbia, or the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, or the Government National Mortgage Association.       (B)  Transactions between any of the entities described in subparagraph (A)(i) or (A)(ii) hereof involving non-assignable contracts to buy or sell the foregoing securities which are to be completed within two years, where the seller of the foregoing securities pursuant to any such contract is one of the parties described in subparagraph (A)(i) or (A)(ii) who may originate such securities and the purchaser of such securities pursuant to any such contract is any institution described in subparagraph (A)(i) or any insurance company described in subparagraph (A)(ii), the Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, or the Government National Mortgage Association and where the foregoing securities are subject to the three conditions for sale set forth in subparagraphs (A)(i)(a) through (c). {{6-29-01 p.8984.01}}       (C)  The exemption provided by subparagraphs (A) and (B) hereof shall not apply to resales of the securities acquired pursuant thereto, unless each of the conditions for sale contained in subparagraphs (A)(1)(a) through (c) 3 are satisfied.     (6)  transactions involving offers or sales by an issuer solely to one or more accredited investors, if the aggregate offering price of an issue of securities offered in reliance on this paragraph does not exceed the amount allowed under section 3(b) of this title, if there is no advertising or public solicitation in connection with the transaction by the issuer or anyone acting on the issuer's behalf, and if the issuer files such notice with the Commission as the Commission shall prescribe. [Codified to 15 U.S.C. 77d] [Source:  Section 4 of title I of the Act of May 27, 1933 (Pub. L. No. 22; 48 Stat. 77), effective May 27, 1933, as amended by section 203 of the Act of June 6, 1934 (Pub. L. No. 291; 48 Stat. 906), effective June 6, 1934; section 6 of title I of the Act of August 10, 1954 (Pub. L. No. 577; 68 Stat. 684), effective October 8, 1954; section 12 of the Act of August 20, 1964 (Pub. L. No. 88--467; 78 Stat. 580), effective August 20, 1964; section 30 of the Act of June 4, 1975 (Pub. L. No. 94--29; 89 Stat. 169), effective June 4, 1975; and section 601 of title VI of the Act of October 21, 1980 (Pub. L. No. 96--477; 94 Stat. 2294), effective October 21, 1980] PROHIBITIONS RELATING TO INTERSTATE COMMERCE AND THE MAILS   SEC. 5.  (a)  Unless a registration statement is in effect as to a security, it shall be unlawful for any person, directly or indirectly--     (1)  to make use of any means or instruments of transportation or communication in interstate commerce or of the mails to sell security through the use or medium of any prospectus or otherwise; or     (2)  to carry or cause to be carried through the mails or in interstate commerce, by any means or instruments of transportation, any such security for the purpose of sale or for delivery after sale.   (b)  It shall be unlawful for any person, directly or indirectly--     (1)  to make use of any means or instruments of transportation or communication in interstate commerce or of the mails to carry or transmit any prospectus relating to any security with respect to which a registration statement has been filed under this title, unless such prospectus meets the requirements of section 10; or     (2)  to carry or cause to be carried through the mails or in interstate commerce any such security for the purpose of sale or for delivery after sale, unless accompanied or preceded by a prospectus that meets the requirements of subsection (a) of section 10.   (c)  It shall be unlawful for any person, directly or indirectly, to make use of any means or instruments of transportation or communication in interstate commerce or of the mails to offer to sell or offer to buy through the use or medium of any prospectus or otherwise any security, unless a registration statement has been filed as to such security, or while the registration statement is the subject of a refusal order to stop order or (prior to the effective date of the registration statement) any public proceeding or examination under section 8. [Codified to 15 U.S.C. 77e] {{2-28-97 p.8985}} [Source:  Section 5 of title I of the Act of May 27, 1933 (Pub. L. No. 22; 48 Stat. 77), effective May 27, 1933, as amended by section 204 of the Act of June 6, 1934 (Pub. L. No. 291; 48 Stat. 906), effective June 6, 1934; section 7 of title I of the Act of August 10, 1954 (Pub. L. No. 577; 68 Stat. 684), effective October 8, 1954] REGISTRATION OF SECURITIES AND SIGNING OF REGISTRATION STATEMENT   SEC. 6.  (a)  Any security may be registered with the Commission under the terms and conditions hereinafter provided, by filing a registration statement in triplicate, at least one of which shall be signed by each issuer, its principal executive officer or officers, its principal financial officer, its comptroller or principal accounting officer, and the majority of its board of directors or persons performing similar functions (or, if there is no board of directors or persons performing similar functions, by the majority of the persons or board having the power of management of the issuer), and in case the issuer is a foreign or Territorial person by its duly authorized representative in the United States; except that when such registration statement relates to a security issued by a foreign government, or political subdivision thereof, it need be signed only by the underwriter of such security. Signatures of all such persons when written on the said registration statements shall be presumed to have been so written by authority of the person whose signatures is so affixed and the burden of proof, in the event such authority shall be denied, shall be upon the party denying the same. The affixing of any signature without the authority of the purported signer shall constitute a violation of this title. A registration statement shall be deemed effective only as to the securities specified therein as proposed to be offered.   (b)  REGISTRATION FEE.--     (1)  RECOVERY OF COST OF SERVICES.--The Commission shall, in accordance with this subsection, collect registration fees that are designed to recover the costs to the government of the securities registration process, and costs related to such process, including enforcement activities, policy and rulemaking activities, administration, legal services, and international regulatory activities.     (2)  FEE PAYMENT REQUIRED.--At the time of filing a registration statement, the applicant shall pay to the Commission a fee that shall be equal to the sum of the amounts (if any) determined under the rates established by paragraphs (3) and (4). The Commission shall publish in the Federal Register notices of the fee rates applicable under this section for each fiscal year.     (3)  GENERAL REVENUE FEES.--The rate determined under this paragraph is a rate equal to $200 per $1,000,000 of the maximum aggregate price at which such securities are proposed to be offered, except that during fiscal year 2007 and any succeeding fiscal year such rate is equal to $67 per $1,000,000 of the maximum aggregate price at which such securities are proposed to be offered. Fees collected during any fiscal year pursuant to this paragraph shall be deposited and credited as general revenues of the Treasury.     (4)  OFFSETTING COLLECTION FEES.--       (A)  IN GENERAL.--Except as provided in subparagraphs (B) and (C), the rate determined under this paragraph is a rate equal to the following amount per $1,000,000 of the maximum aggregate price at which such securities are proposed to be offered:         (i)  $95 during fiscal year 1998;         (ii)  $78 during fiscal year 1999;         (iii)  $64 during fiscal year 2000;         (iv)  $50 during fiscal year 2001;         (v)  $39 during fiscal year 2002;         (vi)  $28 during fiscal year 2003;         (vii)  $9 during fiscal year 2004;         (viii)  $5 during fiscal year 2005; and         (ix)  $0 during fiscal year 2006 or any succeeding fiscal year.       (B)  LIMITATION DEPOSIT.--Except as provided in subparagraph (C), no amounts shall be collected pursuant to this paragraph (4) for any fiscal year except to the extent {{2-28-97 p.8986}}provided in advance in appropriations Acts. Fees collected during any fiscal year pursuant to this paragraph shall be deposited and credited as offsetting collections in accordance with appropriations Acts.       (C)  LAPSE OF APPROPRIATIONS.--If on the first day of a fiscal year a regular appropriation to the Commission has not been enacted, the Commission shall continue to collect fees (as offsetting collections) under this paragraph at the rate in effect during the preceding fiscal year, until such a regular appropriation is enacted.     (5)  PRO RATA APPLICATION OF RATES.--The rates required by this subsection shall be applied pro rata to amounts and balances equal to less than $1,000,000.   (c)  The filing with the Commission of a registration statement, or of an amendment to a registration statement, shall be deemed to have taken place upon the receipt thereof, but the filing of a registration statement shall not be deemed to have taken place unless it is accompanied by a United States postal money order or a certified bank check or cash for the amount of the fee required under subsection (b).   (d)  The information contained in or filed with any registration statement shall be made available to the public under such regulations as the Commission may prescribe, and copies thereof, photostatic or otherwise, shall be furnished to every applicant at such reasonable charge as the Commission may prescribe.   (e)  [Repealed] [Codified to 15 U.S.C. 77f] [Source:  Section 6 of title I of the Act of May 27, 1933 (Pub. L. No. 22; 48 Stat. 78), effective May 27, 1933, as amended by section 1 of the Act of October 22, 1965 (Pub. L. No. 89--289; 79 Stat. 1051), effective January 1, 1966; and section 205 of title II of the Act of December 4, 1987 (Pub. L. No. 100--181; 101 Stat. 1252), effective December 4, 1987; section 404 of title IV of the Act of October 11, 1996 (Pub. L. No. 104--290; 110 Stat. 3441), effective October 11, 1996] INFORMATION REQUIRED IN REGISTRATION STATEMENT   SEC. 7. (a)  The registration statement, when relating to a security other than a security issued by foreign government, or political subdivision thereof, shall contain the information, and be accompanied by the documents, specified in Schedule A, and when relating to a security issued by a foreign government, or political subdivision thereof, shall contain the information, and be accompanied by the documents, specified in Schedule B; except that the Commission may by rules or regulations provide that any such information or document need not be included in respect of any class of issuers or securities if it finds that the requirement of such information or document is inapplicable to such class and that disclosure fully adequate for the protection of investors is otherwise required to be included within the registration statement. If any accountant, engineer, or appraiser, or any person whose profession gives authority to a statement made by him, is named as having prepared or certified any part of the registration statement, or is named as having prepared or certified a report or valuation for use in connection with the registration statement, the written consent of such person shall be filed with the registration statement. If any such person is named as having prepared or certified a report or valuation (other than a public official document or statement) which is used in connection with the registration statement, but is not named as having prepared or certified such report or valuation for use in connection with the registration statement, the written consent of such person shall be filed with the registration statement unless the Commission dispenses with such filing as impracticable or as involving undue hardship on the person filing the registration statement. Any such registration statement shall contain such other information, and be accompanied by such other documents, as the Commission may by rules or regulations require as being necessary or appropriate in the public interest or for the protection of investors.   (b)(1)  The Commission shall prescribe special rules with respect to registration statements filed by any issuer that is a blank check company. Such rules may, as the {{2-28-97 p.8986.01}}Commission determines necessary or appropriate in the public interest or for the protection of investors--       (A)  require such issuers to provide timely disclosure, prior to or after such statement becomes effective under section 8, of (i) information regarding the company to be acquired and the specific application of the proceeds of the offering, or (ii) additional information necessary to prevent such statement from being misleading;       (B)  place limitations on the use of such proceeds and the distribution of securities by such issuer until the disclosures required under subparagraph (A) have been made; and       (C)  provide a right of rescission to shareholders of such securities.     (2)  the Commission may, as it determines consistent with the public interest and the protection of investors, by rule or order exempt any issuer or class of issuers from the rules prescribed under paragraph (1).     (3)  For purposes of paragraph (1) of this subsection, the term "blank check company" means any development stage company that is issuing a penny stock (within the meaning of section 3(a)(51) of the Securities Exchange Act of 1984) and that--       (A)  has no specific business plan or purpose; or       (B)  has indicated that its business plan is to merge with an unidentified company or companies. [Codified to 15 U.S.C. 77g] [Source:  Section 7 of title I of the Act of May 27, 1933 (Pub. L. No. 22; 48 Stat. 78), effective May 27, 1933; as amended by section 508 of title V of the Act of October 15, 1990 (Pub. L. No. 101--429; 104 Stat. 956), effective October 15, 1990] TAKING EFFECT OF REGISTRATION STATEMENTS AND AMENDMENTS THERETO   SEC. 8. (a) Except as hereinafter provided, the effective date of a registration statement shall be the twentieth day after the filing thereof or such earlier date as the Commission may determine, having due regard to the adequacy of the information respecting the issuer theretofore available to the public, to the facility with which the nature of the securities to be registered, their relationship to the capital structure of the issuer and the rights of holders thereof can be understood, and to the public interest and the protection of investors. If any amendment to any such statement is filed prior to the effective date of such statement, the registration statement shall be deemed to have been filed when such amendment was filed; except that an amendment filed with the consent of the Commission, prior to the effective date of the registration statement, or filed pursuant to an order of the Commission, shall be treated as a part of the registration statement.   (b)  If it appears to the Commission that a registration statement is on its face incomplete or inaccurate in any material respect, the Commission may, after notice by personal service or the sending of confirmed telegraphic notice not later than ten days after the filing of the registration statement, and opportunity for hearing (at a time fixed by the Commission) within ten days after such notice by personal service or the sending of such telegraphic notice, issue an order prior to the effective date of registration refusing to permit such statement to become effective until it has been amended in accordance with such order. When such statement has been amended in accordance with such order the Commission shall so declare and the registration shall become effective at the time provided in subsection (a) or upon the date of such declaration, whichever date is the later.   (c)  An amendment filed after the effective date of the registration statement, if such amendment, upon its face, appears to the Commission not to be incomplete or inaccurate in any material respect, shall become effective on such date as the Commission may determine, having due regard to the public interest and the protection of investors.   (d)  If it appears to the Commission at any time that the registration statement includes any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading, the Commission may, after notice by personal service or the sending of confirmed telegraphic notice, and {{2-28-97 p.8986.02}}after opportunity for hearing (at a time fixed by the Commission) within fifteen days after such notice by personal service or the sending of such telegraphic notice, issue a stop order suspending the effectiveness of the registration statement. When such statement has been amended in accordance with such stop order, the Commission shall so declare and thereupon the stop order shall cease to be effective.   (e)  The Commission is hereby empowered to make an examination in any case in order to determine whether a stop order should issue under subsection (d). In making such examination the Commission or any officer or officers designated by it shall have access to and may demand the production of any books and papers of, and may administer oaths and affirmations to and examine, the issuer, underwriter, or any other person, in respect of any matter relevant to the examination, and may, in its discretion, require the production of a balance sheet exhibiting the assets and liabilities of the issuer, or its income statement, or both, to be certified to by a public or certified accountant approved by the Commission. If the issuer or underwriter shall fail to cooperate, or shall obstruct or refuse to permit the making of an examination, such conduct shall be proper ground for the issuance of a stop order.   (f)  Any notice required under this section shall be sent to or served on the issuer, or, in case of a foreign government or political subdivision thereof, to or on the underwriter, or, in the case of a foreign or Territorial person, to or on its duly authorized representative in the United States named in the registration statement, properly directed in each case of telegraphic notice to the address given in such statement. [Codified to 15 U.S.C. 77h] [Source:  Section 8 of title I of the Act of May 27, 1933 (Pub. L. No. 22; 48 Stat. 79), effective May 27, 1933, as amended by section 301 of title III of the Act of August 22, 1940 (Pub. L. No. 768; 54 Stat. 857), effective August 22, 1940] CEASE-AND-DESIST PROCEEDINGS   SEC. 8A. (A) AUTHORITY OF THE COMMISSION.--If the Commission finds, after notice and opportunity for hearing, that any person is violating, has violated, or is about to violate any provision of this title, or any rule or regulation thereunder, the Commission may publish its findings and enter an order requiring such person, and any other person that is, was, or would be a cause of the violation, due to an act or omission the person knew or should have known would contribute to such violation, to cease and desist from committing or causing such violation and any future violation of the same provision, rule, or regulation. Such order may, in addition to requiring a person to cease and desist from committing or causing a violation, require such person to comply, or to take steps to effect compliance, with such provision, rule, or regulation, upon such terms and conditions and within such time as the Commission may specify in such order. Any such order may, as the Commission deems appropriate, require future compliance or steps to effect future compliance, either permanently or for such period of time as the Commission may specify, with such provision, rule, or regulation with respect to any security, any issuer, or any other person.   (b)  HEARING.--The notice instituting proceedings pursuant to subsection (a) shall fix a hearing date not earlier than 30 days nor later than 60 days after service of the notice unless an earlier or a later date is set by the Commission with the consent of any respondent so served.   (c)  TEMPORARY ORDER.--     (1)  IN GENERAL.--Whenever the Commission determines that the alleged violation or threatened violation specified in the notice instituting proceedings pursuant to subsection (a), or the continuation thereof, is likely to result in significant dissipation or conversion of assets, significant harm to investors, or substantial harm to the public interest, including, but not limited to, losses to the Securities Investor Protection Corporation, prior to the completion of the proceedings, the Commission may enter a temporary order requiring the respondent to cease and desist from the violation or {{8-30-02 p.8986.03}}threatened violation and to take such action to prevent the violation or threatened violation and to prevent dissipation or conversion of assets, significant harm to investors, or substantial harm to the public interest as the Commission deems appropriate pending completion of such proceeding. Such an order shall be entered only after notice and opportunity for a hearing, unless the Commission determines that notice and hearing prior to entry would be impracticable or contrary to the public interest. A temporary order shall become effective upon service upon the respondent and, unless set aside, limited, or suspended by the Commission or a court of competent jurisdiction, shall remain effective and enforceable pending the completion of the proceedings.     (2)  APPLICABILITY.--This subsection shall apply only to a respondent that acts, or, at the time of the alleged misconduct acted, as a broker, dealer, investment adviser, investment company, municipal securities dealer, government securities broker, government securities dealer, or transfer agent, or is, or was at the time of the alleged misconduct, an associated person of, or a person seeking to become associated with, any of the foregoing.   (d)  REVIEW OF TEMPORARY ORDERS.--     (1)  COMMISSION REVIEW.--At any time after the respondent has been served with a temporary cease-and-desist order pursuant to subsection (c), the respondent may apply to the Commission to have the order set aside, limited, or suspended. If the respondent has been served with a temporary cease-and-desist order entered without a prior Commission hearing, the respondent may, within 10 days after the date on which the order was served, request a hearing on such application and the Commission shall hold a hearing and render a decision on such application at the earliest possible time.     (2)  JUDICIAL REVIEW.--Within--       (A)  10 days after the date the respondent was served with a temporary cease-and-desist order entered with a prior Commission hearing, or       (B)  10 days after the Commission renders a decision on an application and hearing under paragraph (1), with respect to any temporary cease-and-desist order entered without a prior Commission hearing,   the respondent may apply to the United States district court for the district in which the respondent resides or has its principal place of business, or for the District of Columbia, for an order setting aside, limiting, or suspending the effectiveness or enforcement of the order, and the court shall have jurisdiction to enter such an order. A respondent served with a temporary cease-and-desist order entered without a prior Commission hearing may not apply to the court except after hearing and decision by the Commission on the respondent's application under paragraph (1) of this subsection.     (3)  NO AUTOMATIC STAY OF TEMPORARY ORDER.--The commencement of proceedings under paragraph (2) of this subsection shall not, unless specifically ordered by the court, operate as a stay of the Commission's order.     (4)  EXCLUSIVE REVIEW.--Section 9(a) of this title shall not apply to a temporary order entered pursuant to this section.   (e)  Authority To Enter an Order Requiring an Accounting and Disgorgement.--In any cease-and-desist proceeding under subsection (a), the Commission may enter an order requiring accounting and disgorgement, including reasonable interest. The Commission is authorized to adopt rules, regulations, and orders concerning payments to investors, rates of interest, periods of accrual, and such other matters as it deems appropriate to implement this subsection.   (f)  Authority of the Commission to Prohibit Persons From Serving As Officers or Directors.--In any cease-and-desist proceeding under subsection (a), the Commission may issue an order to prohibit, conditionally or unconditionally, and permanently or for such period of time as it shall determine, any person who has violated section 17(a)(1) or the rules or regulations thereunder, from acting as an officer or director of any issuer that has a class of securities registered pursuant to section 12 of the Securities Exchange Act of 1934, or that is required to file reports pursuant to section 15(d) of that Act, if the conduct of that person demonstrates unfitness to serve as an officer or director of any such issuer. {{8-30-02 p.8986.04}} [Codified to 15 U.S.C. 77h--1] [Source:  Section 8A of title I of the Act of May 27, 1933 (Pub. L. No. 22), effective May 27, 1933, as added by section 102 of title I of the Act of October 15, 1990 (Pub. L. No. 101--429; 104 Stat. 933), effective October 15, 1990; as amended by section 1105(b) of title XI of the Act of July 30, 2002 (Pub. L. No. 107--204; 116 Stat. 809), effective July 30, 2002] COURT REVIEW OF ORDERS   SEC. 9.  (a)  Any person aggrieved by an order of the Commission may obtain a review of such order in the court of appeals of the United States, within any circuit wherein such person resides or has his principal place of business, or in the United States Court of Appeals for the District of Columbia, by filing in such Court, within sixty days after the entry of such order, a written petition praying that the order of the Commission be modified or be set aside in whole or in part. A copy of such petition shall be forthwith transmitted by the clerk of the court to the Commission, and thereupon the Commission shall file in the court the record upon which the order complained of was entered, as provided in section 2112 of title 28, United States Code. No objection to the order of the Commission shall be considered by the court unless such objection shall have been urged before the Commission. The finding of the Commission as to the facts, if supported by evidence, shall be conclusive. If either party shall apply to the court for leave to adduce additional evidence, and shall show to the satisfaction of the court that such additional evidence is material and that there were reasonable grounds for failure to adduce such evidence in the hearing before the Commission, the court may order such additional evidence to be taken before the Commission and to be adduced upon the hearing in such manner and upon such terms and conditions as to the court may seem proper. The Commission may modify its findings as to the facts, by reason of the additional evidence so taken, and it shall file such modified or new findings, which, if supported by evidence, shall be conclusive, and its recommendation, if any, for the modification or setting aside of the original order. The jurisdiction of the court shall be exclusive and its judgment and decree, affirming, modifying, or setting aside, in whole or in part, any order of the Commission, shall be final, subject to review by the Supreme Court of the United States upon certiorari or certification as provided in section 1254 of title 28, United States Code.   (b)  The commencement of proceedings under subsection (a) shall not, unless specifically ordered by the court, operate as a stay of the Commission's order. [Codified to 15 U.S.C. 77i] [Source:  Section 9 of title I of the Act of May 27, 1933 (Pub. L. No. 22; 48 Stat. 80), effective May 27, 1933, as amended by the Act of June 7, 1934 (Pub. L. No. 298; 48 Stat. 926), effective June 7, 1934; section 32(a) of the Act of June 25, 1948 (Pub. L. No. 773; 62 Stat. 991), effective September 1, 1948; section 127 of the Act of May 24, 1949 (Pub. L. No. 72; 63 Stat. 107), effective September 1, 1948; section 9 of the Act of August 28, 1958 (Pub. L. No. 85--791; 72 Stat. 945), effective August 28, 1958; and section 206 of title II of the Act of December 4, 1987 (Pub. L. No. 100--181; 101 Stat. 1252), effective December 4, 1987]   1 Presidential Proclamation No. 2695, effective July 4, 1946, 11 Fed. Reg. 7517, 60 Stat. 1352, granted independence to the Philippine Islands. Go Back to Text   2 So in original. The word "of" probably should be omitted. Go Back to Text   3 So in statute as enacted. Subparagraphs "(A)(1)(a) through (c)" should probably be "(A)(i)(a) through (c)". Go Back to Text [Main Tabs]     [Table of Contents - 8000]     [Index]     [Previous Page]     [Next Page]     [Search]

regs@fdic.gov

Home    Contact Us    Search    Help    SiteMap    Forms Freedom of Information Act (FOIA) Service Center    Website Policies    USA.gov

FDIC Office of Inspector General